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The Port Chester Blog Of Record

The Port Chester Blog Of Record - Brain Harrod Editor / Publisher

Thursday, August 23, 2007

08/23/07 - Business - Overall, USA Bank's total past due loans as a percentage of total loans is considered manageable at 1.7%.


HEADLINE:




STORY:


Fred DeCaro, Jr., Chairman of the Board of USA Bank, announced today that USA Bank (OTCBB: USBK) has increased its asset base at June 30, 2007 to $149 million, an increase of $43 million, or 41%, over the $106 million reported at December 31, 2006. Mr. DeCaro, Jr. further stated that, “Loan quality continues to be exceptional, as evidenced by the fact that the Bank has only one classified loan, for .......


......Mr. Ron Gentile, the President and Chief Executive Officer, stated, "That with the continued growth of high quality loans, the Bank's net interest income should become a major factor in operating result improvements on a quarterly basis during the forthcoming quarters." Mr. Gentile further reported that, "As of today, the Bank has a pipeline of commercial real estate loans for portfolio of approximately $34 million and a pipeline of commercial and residential mortgage loans for sale of approximately $55 million, which is impressive in this challenging environment."


The Bank has also developed a draft of a new Strategic/Business Plan. It was developed in cooperation with the Bank's Board of Directors, senior operating management and FinPro, Inc., who is represented by Mr. Nicholas J. Ketcha, the former Head of the Division of Bank Supervision for the Federal Deposit Insurance Corporation in Washington, D.C.


This press release contains forward-looking statements which reflect our current views with respect to future events and financial performance. There may be factors, including those described in the Bank's Quarterly Report on Form 10-QSB for the quarter ended June 30, 2007, that could cause actual results to differ materially from those indicated.


Read the rest of this entry: Market Wire - Earnings Reports


In compliance with copyright and fair use standards, this story has been truncated. Please click on the Source URL link below to read the entire story.




Reporter: Fred DeCaro, Jr.Chairman of the Board (914) 417-3211




For more information regarding USA Bank visit thier website at http://www.usa-bankers.com/.


ALSO:


USA Bank is hiring!


USA Bank is always looking for excellent candidates with strong customer service skills. We are currently accepting resumes for loan officers and other positions. Contact
Human Resources for a full list of available opportunities.


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